Most homeowners aren't shy about telling you how awesome it is and all about the perks of living in a house that they own ... but they're a lot less forthcoming about the ugly aspects of buying a house and the sacrifices you make.

And yes, there is ugly, and there are sacrifices. Here's what nobody is telling you that you might need to know about buying a house (especially for the first time).

You don't need to put 20% down

In most cases and with most lenders, putting 20% down is ideal or even required. But this isn't always true. For example, the Veterans Administration (VA) offers loans for veterans that don't require any down payment money at all.

Other loan-backers, like the Federal Housing Administration, will allow loans with only 3.5% down, but buyers have to pay mortgage insurance on those loans. They're riskier because the buyer has less equity in the home, so buyers can expect to pay a percentage of the loan amount in mortgage insurance over the lifetime of the loan. (Or refinance the loan once they do have at least 20% equity in the home.)

There is down payment assistance available in both loans and grants, so it helps to talk to a real estate professional (like an agent) and see whether they know of any programs that might help you secure more money down.

... But you do need to put any new credit line plans on hold

Your mortgage rate is going to depend in part on your credit score, and your credit score is going to get dinged with every new line of credit you open before buying a home. So to get the very best deal on your mortgage loan (and potentially afford more house), make sure you're not going crazy with new credit cards right before you start shopping -- and definitely don't buy anything like a yacht or car on credit!

You're not locked into one particular lender

Some people think they should immediately dive into a relationship with the first lender that accepts them and offers to back their mortgage loan. But here's the problem with that strategy: There may be a better match out there for you, and if you don't shop around a little bit, then you aren't going to find it.

Talk to a few different mortgage brokers and ask them what their best deal is. Your credit won't get dinged by this, so please feel free to explore your options! 

Your monthly mortgage payment includes more than just the loan payback

Every month, you'll be paying back your mortgage loan -- that much you probably figured. But of course, there's also the interest on your loan (which under many contracts gets priority for repayment above the loan principal). And you'll also be paying homeowners insurance, which is required for the lender to approve the loan, plus taxes, every month.

If you're not sure how much you can afford based on all of this, it's probably not a bad idea to sit down with a mortgage broker (or five -- see above) and talk about your options.

... So the mortgage amount on portals is not necessarily accurate

It's tempting to look at the "average mortgage amount" on a real estate portal and take it as gospel truth, but often those are based on a loan with 20% down and usually don't include the insurance or the taxes. Talk to an expert to get a good sense for how much you'll expect to pay every month.

School districts are important even without kids

If you don't have kids or don't plan on having any, then you might be tempted to ignore the school district when shopping for a home -- what's it matter?

School districts definitely could be very important to buyers a few years down the road when they decide to purchase your house. And homes in neighborhoods with good schools tend to appreciate in value faster than homes in neighborhoods where the schools are just so-so. Make sure you're considering your future as you're shopping, which includes your future after this home.

You don't need to spend your entire pre-approval amount on the home

It's tempting to buy at the very top of your preapproved price range, but remember that you're going to have to pay interest on the entire amount over many years, and don't forget about the other costs of owning a home.

Financial experts suggest that you spend no more than 30% of your household income on your mortgage, so if the amount you're spending is creeping beyond one-third of your household income, that could be tough to meet. So don't overextend yourself!

You'll look at homes out of your price range (and crave them)

It's only human nature to look at things you can't have, and that goes for housing, too: You will not be able to refrain from looking at homes just above your ideal price range and thinking about how nice it would be to buy that house instead of the disappointment you walked through last week.

But what's worse than living in a house that you might need to fix up a little bit? Living in a really nice house that you can't afford and having to sell it -- or worse, go through a foreclosure. Look if you must, but don't let it influence your decision-making.

You may get outbid, more than once

Some markets are hotter than others and have more cash buyers, which can be devastating if you're using a loan and don't have the wherewithal to pay cash for a house. Sellers often opt for cash buyers because the closing process is less cumbersome, and it can be hard for buyers to experience bid after bid rejected by the seller.

Stay strong and have faith that your house is out there. It might not be a smooth road, but you will get there.

Agents get paid on commission

Real estate agents typically don't get paid until the closing table, when the house is officially yours. Then the seller will cut the agent a check. This is because agents are paid on commission: They're taking a percentage of the sale.

If you have an agent who isn't upfront with you about how payment works -- or worse, one who is trying to talk you into more house than you can really afford -- then it's not a bad idea to question whether your agent is really the best fit for you. You want someone honest who will protect your interests, and that's not too much to expect from an agent.

Talk to a contractor before closing

The inspector might identify some issues that need to be addressed, and usually this is negotiated with the seller, but to be entirely sure that you understand what will be involved and how much it will cost, it's a good idea to hire a contractor and go over the inspection report. Some contractors offer free consultations, and most will be able to give you a ballpark figure to use as a jumping-off point for negotiation.

Speaking of closing: Introducing closing costs!

It costs money to close on a house, and closing costs can be picked up by the buyer, the seller, or both. This is usually outlined while negotiating the contract, but if you didn't pay close attention to those terms, then it might sneak up on you. Clarify with your agent and mortgage broker who is responsible for closing costs and make sure you've got the money available if you're the lucky winner of that responsibility.

Your mortgage will probably be sold to a servicer

After all that time looking for the right mortgage broker and lender, you may feel like it's destiny, but the reality is that your lender probably doesn't feel the same. Most lenders sell mortgage loans to a servicing company, which will be the entity collecting your checks every month for the next 30 years (unless the gets sold again, of course).

Be prepared for an announcement that your loan has been sold to a servicer and ready to cancel any checks or payments that slip out the door at the wrong time. It's unfortunate, but it does happen, and you don't want to pay your mortgage twice in one month.

Parking isn't always guaranteed

There may be a space with your condo, and perhaps you have a garage or a driveway, but if you live in a major metro area or have several kids of driving age (or roommates, for that matter), then it's possible you might have a struggle with finding parking.

This is information that's usually included in listings, and it might also help to ask agents about parking situations in different neighborhoods. Street parking might work fine, but it's usually a good idea to know how scarce or ample it is at the very least.

You'll need to buy furniture

Maybe you've bought all of your furniture at antique stores, and it just doesn't look right in your new mid-century modern home. Or perhaps you have several more rooms to fill than you did before. Whatever the case, be aware that you'll have some purchases to make on the furniture front, and budget for them if you can -- and definitely do not buy a bunch of furniture on credit before the loan closes, whatever you do.

You're on the hook for any home repairs

The nice thing about renting is that when something breaks, the landlord will theoretically be by to fix it, or send someone, sooner or later. You don't need to worry about how much the new sump pump or sewer line costs.

But all of that burden becomes yours and yours alone when you become a homeowner. The drain is clogged? The water heater won't heat water? If you don't fix it, or arrange for someone else to fix it, then it's staying clogged and cold.

Those nearby empty lots won't be empty forever

Everything changes, and some places change more quickly than others. Almost nothing gets a neighborhood riled up like the words "new development" or "strip mall," and you cannot take it for granted that the rolling (empty) hills around your brand-new pride and joy are going to remain empty, unless you happen to own all the land, too.

It's not a bad idea to stop in at your city or county offices and ask what they know about any development plans or zoning for the area, and then keep tabs on things once you move in. Better safe than sorry and surprised, right?

It might take a while to feel like "home"

You'd think that once you've gone through all of this trouble for a house, it'll automatically "feel" like yours ... but that's not necessarily true. It may take a few weeks or even months before you start settling in and feeling like a homeowner.

So if the words "this is my house" don't roll off your tongue quite like they should in the beginning, take heart: You'll be claiming it without thinking about it before you know it.

Do you want to buy a home? (No, that isn't one of the questions.) If the answer, however, is "yes," then there are more questions you'll need to ponder before you're truly ready -- even if this is your fifteenth fix-and-flip instead of your very first home.

Before you start adding properties to your "favorite" list on your most-visited real estate portal, consider the many possible answers to these questions and then decide what's best for you. Even if you enjoy making big decisions by the seat of your pants, you'll find that a little bit of thinking and planning before taking the (huge!) step of buying a home will give you confidence that you got a good deal … and the ability to find a place that's absolutely perfect for you.

What do I want?

Homes don't just come in the single-family residence flavor -- you can buy a condo, an apartment, or a duplex, for example, and it's possible that one of those options makes more sense for you and your lifestyle today than a single-family home would.

Homes also aren't built in isolation. There will be neighbors, traffic, weather, and many other factors and features beyond your control.

What's an ideal level of neighborhood walkability for you? Would you prefer to be close to your gym or yoga studio chain, or a hiking trailhead? What kinds of schools or pet facilities are nearby? Is the area close to any large cultural or sports centers? What's the crime rate like? What's the commute like, and is there decent public transportation? Are any or all of these things good or bad for you, personally?

Only when you've taken time to thoroughly think about and narrow down the type of home and the area where you want to buy should you start thinking about other aspects of your dream home -- like the finishes, the size of the kitchen, and whether it has a big back deck or a gas range instead of an electric stove.

Some of those preferences will be just that, and some will be dealbreakers. If you've got a large-breed dog and really require a big backyard, it's okay to put that on your "must-have" list -- but try to keep that list significantly shorter than your "nice-to-have" list. You might be surprised by how your preferences shift once you begin actually looking at homes available on the market, so it's good to have some kind of idea of how important each home feature is to you and your lifestyle and also know where you have a little room to compromise.

It's smart to keep your options open at every stage of this decision-making process. If you don't have a friend who lives in the type of house and area that you're eyeing, it might be a good time to connect with a local real estate agent. They've helped people just like you buy a home before -- and they might know about perfect neighborhoods that aren't even on your radar, or which items on your must-have list are easy to implement yourself if a home doesn't currently have it.

What can I afford?

Financial experts typically advise that buyers spend no more than 30 percent of their total monthly income on housing. Another rule suggests that you spend a little more than double your annual income on a house. 

Your mortgage payment is going to cover not only the cost of the home itself, but also interest on the mortgage loan, homeowners' insurance, and property taxes. And depending on the size of your down payment, you may also need to pay private mortgage insurance on your loan, too.

You can look up property tax information by county; it's calculated as a percentage of the home's value, so property tax can shift up or down depending on the housing market, but don't count on it staying steady for the 30-year duration of your loan.

A local insurance agent can also give you a good idea of what you'll be paying for homeowners' insurance on the property. And this is an area where you might actually be able to save a little money elsewhere -- if you have a car, you often will receive a discount for packaging your auto insurance and homeowners' insurance with the same carrier. You might also want to consider some ancillary insurance, like flood or earthquake insurance (and flood insurance is required on some homes).

The mortgage interest rate is going to depend on a few factors -- your current credit score and the current market mortgage rates. A loan officer can help you figure out what your current options might be and may even offer suggestions for how to improve your credit score to get a better rate while you're saving up for that down payment.

Speaking of the down payment: Don't forget that whatever you bring to the table will be applied to the home sale amount, so you probably won't be asking for a loan that's the exact price tag of the home. For example, if the home you want to buy costs $200,000 and you have $40,000 (20 percent) to put down on the home, then you'll be borrowing $160,000 from the bank instead of the full $200,000.

There are online calculators that can help you assess some of these factors, but again, here it's smart to talk to a real estate agent. An agent can also refer you to a local insurance agent and loan officer so you can start figuring out what you need to do to become a real-deal homeowner.

Am I financially prepared?

This is a tough question to answer, and it's one big reason why you might want to start talking to real estate professionals early on in the process -- there's a lot you can do to help make this purchase one of the smartest financial decisions of your life, and most of it happens before you start dreaming up that perfect place to live.

If you aren't already connected with a loan officer, start here. These people are experts in the different types of loan available to you and how you can optimize your financial standing to give you a great jumping-off point.

You may need to do some work on your credit score before you can buy, and a loan officer can also hook you up with an expert who can comb through your credit report and tell you which debts to pay off first as well as lay out a six-month plan for polishing everything until it's shiny.

And while you're working on your credit, do yourself a favor and look up what down payment programs might cater to your situation at a website like www.downpaymentresource.com. Depending on your age, state of residence, whether you're a first-time homebuyer (it still counts if you've reverted to renting for several years!), and a few other factors, you might be eligible for free money that can only be applied toward a down payment on a home. Some programs supporting responsible homeownership require recipients to attend a few classes about buying a home and how to pay off a mortgage -- but that's time well spent if the payoff is four to five figures of cold, hard cash to put down on a home.

When you feel as financially robust as possible, ask your loan officer to pre-approve you for the loan amount you can afford. This will make it possible for you to immediately place an offer on a home if you find one that you love instead of waiting for lender approval … and you've already gotten through the hard part, so you might as well make it official, right?

How do I make the best bid possible?

There's nothing like jumping through all of these hoops -- not to mention the home search process -- only to place an offer on a home and discover that you were outbid. Or, on the flip side, that you could have offered less and still been successful!
This is where a real estate agent becomes truly valuable in the process; they've seen offers that flew and offers that flopped, and they do this every day. If you're not working with an agent yet, find one and ask for some data about homes sold on the same block (ideally) or in the same neighborhood that are a comparable size, in comparable condition, and have comparable features.

An agent can also help guide you if you're about to make an offer that's bound to be rejected because it's too far below market standards -- or if you might be able to get a deal because a home has been languishing on the market for longer than normal and the sellers are reducing the price weekly.
And a good agent can also help you regroup and get back in the game if the offer on your dream home is rejected.

Sometimes a seller considers list price to be a jumping-off point in negotiating a final sale -- and sometimes that list price is set in stone and the seller isn't going to be moved. Your agent can give you a feel for whether you really were offering a number well below market expectations or whether it's more likely to be a seller's inflexibility.

When you can answer the first three questions confidently, it's time to start searching for a home -- and when you can answer the fourth effectively, you'll be walking away from the deal with keys to the front door in your hand.

There comes a time in every homeowner's life when he or she realizes: "I am not the same person I was when I bought this place." Maybe your lifestyle or your family configuration has changed, or maybe the house just isn't as appealing as it was when you signed that ream of paperwork on closing day.

If you're thinking about moving on, then there are a few questions you need to ask yourself before you take the plunge and list the house. When you can answer these questions, you'll know you're in the right place emotionally and financially to move on to your next space.

What is my home worth?

You can find almost anything on the internet, and that includes an estimated value of your home. How convenient!

But before you go galloping off to Zillow or Redfin or even a brokerage website to try to figure out how much your house is worth, take a deep breath and resolve to remember one thing: "I shouldn't believe everything I read on the internet."

It's possible that an automated estimate is going to be spot-on, but those algorithms depend on numbers that might or might not be accurate, like the condition of your property, the square footage, any features or amenities you've added (or removed), and recent sales of properties nearby that could be comparable to your own home.

A better way to figure out how much your home might be worth is to look at your most recent property tax bill. Your property taxes change with the value of your home, so if you look at your property tax rate from last year and figure out your state's assessment rate (usually not quite the total value of your home -- it's somewhere between 80 percent and 90 percent of the home's total value, depending on the state), that can help you get a little bit closer in terms of pinpointing price.

You can also talk to a professional about your home's value; a real estate agent who sells properties in your neighborhood every day is going to be able to give you a more accurate idea of how much your particular, specific home might capture on the current market.

And a real estate professional can also explain what you can do to your home to help inch that number upward a little bit. Then you can make the call as to whether or not you want to make any upgrades or take the estimated price as-is. Which leads to the next question ...

How can I sell at the highest price possible?

When you're selling anything, you want to get fair market value for the item you're releasing, and that's exponentially truer for your house, which is probably the biggest purchase you've ever made.

If you know your neighbor's house sold for ten figures more than the highest estimate you've been able to find for your own home, that can be a tough reality to swallow. But this is where real estate professionals really earn their keep -- they can explain why that house was so desirable (maybe if you're honest with yourself, you can admit that your neighbor's view is much nicer than yours, for example), and they can also show you where you do have some room for (price) improvement.

If you don't want to call in a professional, then start with things that can spruce up almost any dwelling. One of the first and most important steps to selling your home for top dollar is to get the place deep-cleaned from floor to ceiling, including washing the windows and scrubbing down all of your kitchen appliances.

Start by attacking the clutter; it's much easier to clean a room that doesn't have a lot of furniture or objects in it, so even if you're hoping to move up to make space for all your stuff, it's a good idea to start cleaning out the items that you know you don't want to move with you. If there's still a lot left, consider a shed or an off-site storage facility where you can stash things without packing it all in your closets (where buyers are most definitely going to be looking). If you have a junk drawer or even a "junk room," now is the time to start corralling that beast.

Then get cleaning. There's no detail too small -- make sure every room in the house sparkles to the best of your ability and smells fresh and aired-out.

There may be quite a few additional projects you could tackle to increase your home's value, such as adding a deck, remodeling the kitchen, or even adding entire rooms in some cases. Those are good opportunities to discuss with a real estate professional, who can share feedback about whether the project is going to be worth the eventual return on investment when you sell the home -- and what projects will net you more money for your property.

Real estate agents also know stagers and home photographers. When a buyer falls in love with your home, it's most likely going to be from an online listing, so your listing photos should be as high-quality as possible -- that might mean bringing in a stager to spruce up the rooms and a photographer to capture the results.

How long will my home be on the market?

No one can predict the future, but experts who work in the industry can usually come close. If you haven't called an agent yet, you might need to in order to get the information you'll need to answer this question.

Ultimately, it depends on what the housing market is like in your area, but there are a lot of anomalies within a housing market -- even in markets that seem red-hot, sometimes sellers make a mistake and overprice a home that then languishes for weeks or even months longer than more realistically priced homes. And there are some neighborhoods or even specific blocks where buyers seem to be willing to do just about anything to get their foot in the door -- and other geographies where they might need to be lured in a little more aggressively.

The number of days that homes stay on the market gets shorter and shorter as housing heats up, but that number is absolutely contingent on the initial list price. Homes that need to reduce their prices to attract qualified buyers will remain on the market significantly longer than homes priced competitively from the start. It's really important to get the initial list price right if you'd like the home to sell quickly. (And remember: The longer that house takes to sell, the longer you as the seller will be responsible for keeping it in showing condition for buyers -- seven days a week.)

So even in markets where houses seem to be flying off the shelves, it's smart to talk to someone who sees those sales up close and personal every day. They can give you an educated estimate about the amount of time it should take your property to get from list to close.

How can an agent help?

Selling a home is a huge life event that encroaches on just about every aspect of your existence, from your meals to your work schedule to how often you do laundry and vacuum up pet hair. It can be an incredibly stressful time, and a real estate agent is a personal advisor that can help sellers make the best decisions possible while keeping track of all the details.

A good real estate agent will help you find the best price for your home, list it for you on the MLS, and handle all the marketing -- from photos to open houses to glossy brochures to Facebook ads. A good agent can manage your showing schedule for buyers who want personal tours and can help you decide which offer to accept if you happen to receive more than one … and a good agent is absolutely essential during the negotiation process, especially if the buyer is making demands that the seller isn't prepared to address.

A good agent will also know the best plumbers, electricians, and general contractors in the area who might be able to make any repairs or changes to the home before it closes. He or she can manage the transaction timeline, alerting you when an inspection or appraisal is about to happen and keeping you in the loop regarding financing and every other aspect of the deal.

A good agent can also help you do all of this while you're simultaneously looking for a new place to live and can help you manage that, too -- including what to do if you find a home before your current house sells.

And depending on your personal situation, there are local real estate agents who specialize in divorce, estate sales, and other tricky life events involving a home transaction.

Selling a home is as simple as listing it on the MLS and waiting for an appropriate offer to come in -- but there's so much more involved that most sellers can't handle it on their own. Answering these questions will get you a head start, but don't skip talking to an agent or three when you're actually ready to list that home; they'll be able to point out what you didn't know you were missing.

...even while you’re still renting.

If you’re renting your current home and have your eye on making a home purchase in the near or distant future you might be worried that it can’t be done. The good news is that there are some effortless ways to grow your home savings with a little bit of set up and a touch of discipline.

1) Know your goal.

The best place to start is knowing how much cash you’ll need and by when. Typically, you should aim to save 5-20 percent of your planned Fort Worth, TX home purchase price to qualify for a traditional 30-year mortgage. This amount might seem overwhelming at first but, when you break it down into annual, monthly, then weekly goals, it'll start to feel much more manageable.

Defining your timeframe goals will help to better understand what would be required of your saving habits on a regular basis. Once you've figured out how much you'd need to save each week, you may wish to re-evaluate your time goals to reflect a more relaxed saving schedule if the first iteration feels too aggressive.

2) Pay Down Credit Card Debt.

If you’re carrying any consumer credit card debt, try to reduce that first before focusing on saving. When you attack your high-interest credit debt, you're moving towards a higher credit score which will improve your chances of getting a mortgage-- debt is a considerable factor lenders use to qualify you for a loan. Your higher credit score can even result in better mortgage interest rates!
Note: This may result in a smaller difference between mortgage payments after a smaller down payment than what you may initially be planning for, so plan carefully if you're hoping to increase your budget!

Once your debt is paid off, you’ll not only have a lot more money available in your budget to set aside for a down payment, but you're ultimately decreasing the cost of paying off your debt in the long-run.

3) Use a budgeting app. 

Many free budgeting apps rake through your bank accounts and online credit card statements to track your spending for you. Once you have a good understanding of how much you’re spending, assess what could be cut back and set a maximum budget for each category. Then, plug in your target monthly savings amount for your newest budget item – a new Fort Worth, TX, Basswood Village Neighborhood home!

4) Lower your biggest living expense.

Saving for a down payment on a home is going to be tricky if you’re living in a high rent district. Consider finding a smaller rental in Fort Worth, TX, Basswood Village Neighborhood, living with friends or family, or taking in a roommate to lower your biggest monthly payment — your rent.

5) Automate.

The easiest way to save money is to make it automatic — take savings right out of your paycheck so you never even see it before it goes into your savings account. If you can’t see it, you can’t spend it! Alternatively, you can set up an automatic deduction to transfer a weekly amount from your bank account into a savings account. Your savings isn’t the only thing you should automate – to save money on potential late fees, automate all your bill payments.

6) Stay positive.

Frame your down payment goal as an exciting thing to look forward to rather than a chore. This helps to avoid stress as you approach dealing with financing your new home; you'll also find that saving money will start to feel less like a fixation on money you don't have and more on the wonderful home you will have in the future! Don't forget to budget for a small treat every now and then to reward yourself and keep things feeling upbeat. You may even find that you're so excited by saving that you use some of your flexible spending funds to save extra money for the month!

7) Make more money.

If the majority of your income is already tied up in expenditures that can't be cut from your budget, consider taking on some side jobs. Look around your home for things you’re no longer using and arrange to sell them. You can also use one of your personal strengths, like writing or painting, to start a viable side hustle and get paid for your skills; all of this extra money can go directly to your home savings goal.

8) Make accessing your savings inconvenient.

It’s easy to see something you want and find a way to rationalize dipping into your savings. Take the willpower out of the decision by making your savings difficult to access. Put the savings in an account that doesn’t have an ATM card linked to it, or use a bank that requires you to make withdrawals in person.

Keep in mind these tips as you begin saving to buy your Fort Worth, TX, Basswood Village Neighborhood dream home. Also remember that you can always seek out help from your local real estate pro to give you an overview of the Fort Worth, TX real estate market and to find a lender or financial coach to help you get started on the right foot.

In 2008, the real estate landscape was on the brink of a monumental change. The Great Recession officially started in December 2007, and the housing industry was on the front lines of the longest economic slump since World War II. Homeowners who had bought at the peak of the housing bubble found themselves underwater on their loans, owing more than their homes were worth on the market, and those risky loans partnered with a rash of foreclosures caused upheaval on the secondary mortgage market, tanking investors and banks left and right.

Today, as home prices have risen back up to pre-crisis levels, the question on a lot of minds is, "What's changed since 2008?" Economic recessions happen regularly, and it's natural to wonder when the next one will rear its head and what it will mean for housing when it does. The changes that have happened in the decade since the Great Recession have also reshaped the housing industry in many ways. Here are 11 ways the housing industry has changed in the past decade, and what it means for homeowners, buyers, sellers, and renters.

The economy -- and employment -- is stronger

One reason why the Great Recession was so acute is because despite the wide availability of mortgage loans at the time, the economy as a whole and employment in particular were not all that strong. The unemployment rate, which measures the rate of people who want to be employed against the rate of people who are employed, was 5% in December 2007. That might not sound all that high, but it means that one in every 20 people who wanted a job couldn't get one. By October 2009, the unemployment rate was 10%.

Today, the unemployment rate is hovering around 4.0% or just below. That might not seem like a huge difference from 5%, but it represents hundreds of thousands more actual jobs. When unemployment goes down, wages go up because employers have to compete harder for qualified workers. Wages haven't historically grown as quickly as home prices, which has made it more difficult to buy a home. And wages still have a ways to go to catch up with home prices, but the fact that we're currently seeing an upward trend in both employment and wage growth is a promising sign for the economy as a whole.

The economy is never invulnerable to a recession, but the more jobs (and better-paid) jobs that are available to workers, the better shape everyone is in -- especially consumers, whose behavior can often dictate whether an economy soars or crashes. When consumers have jobs, they're more willing to spend money.

Mortgage rates are lower now (but they're moving back up)

After a decade of mortgage rates in the 3% and 4% ranges, it's no wonder that rates higher than 5.0% feel unnatural, but the annual average 30-year fixed-rate mortgage rate in 2008 was 6.03%. A higher mortgage rate means borrowers will spend more money for the same loan amount over time, so a higher mortgage rate usually means that buyers have less money to spend on the sales price of the home, so it's always a good idea to shop around when looking at home loans and heavily weigh the rate you're being offered.

Mortgage rates have stayed in the 4% range throughout 2018, so they're still relatively close to historic lows, but they've been steadily creeping up all year, and many economists predict that we aren't too far from rates in the 5% range and that we will be continuing to see rates rise as 2019 arrives. This could mean that sellers are going to have to shoot for a lower price range than they hoped when they do decide to move up, or that buyers need to budget more carefully, so it's always smart to pay attention to rates and talk to a mortgage broker if you're thinking about entering the housing market.

Institutional rental investors are more widespread

When the wave of foreclosures hit the country, a lot of single-family homes were left vacant. It was a prime opportunity for institutional rental investors to buy up rental homes at good prices, which many of those investors proceeded to do at fast paces. After fixing the homes up, these investors were able to rent them out for a profit, and as the housing market recovered and rental prices began to rise, this investment became even more lucrative.

This prevalence of institutional investors and their more widespread ownership of entry-level housing stock has also contributed to other issues, like the fact that there are too few houses on the market to meet demand.

There's much (much!) less inventory

One reason why home prices have grown across the country is because there are simply not enough homes for sale to meet buyer demand. Not only did the recession stall housing development, but increased regulations, more expensive labor, and more expensive building materials all have helped form an environment where developers can have difficulty making a profit for entry-level and even mid-level housing. Some developers were not able to weather the recession at all, while others who did survive pivoted to building luxury, high-end homes and apartments in order to be sure they'd make a profit on their investment.

The lack of housing inventory has also shortened the amount of time that many homes are on the market, leading to some environments where homes in desirable locations are sold very quickly and even sparking bidding wars in some cases.

... But it's easier than ever to find a home to buy

Although there are too few homes for sale, if you're a buyer, it's never been easier to find a home for sale. There's no need to find an agent so you can look through listings; instead, you can just pull up the browser on your phone -- or a home search app -- and look at homes for sale on Zillow, Trulia, Redfin, and many other platforms. In this age of the internet, many listing agents invest in separate web pages for each individual listing, so you can also find all the same details by just punching in an interesting address on Google.

That said, if you don't make it to the open house (if there even is an open house), then your opportunity to walk through the place to see it for yourself will still require talking to an agent. 

Regulations make it more challenging to secure a mortgage

After the recession, several pieces of legislation were passed that were designed to tighten up loan standards and make it more difficult to issue loans to buyers without substantial proof of income, assets, and debts. Anyone who's bought a home or applied for a mortgage in the past decade will understand what this means in practice: Submitting years of past tax returns, months of bank statements, pay stubs and other proof of income, itemizations of debts, summaries of any savings and assets -- the list seems never-ending.

As the economy got back on its feet and lenders began dealing with these new standards, they became much more cautious about mortgage loans. This is a good thing insofar as preventing another housing crash, but it hasn't felt great for buyers whose credit or lack of a down payment has prevented them from securing a mortgage loan with good terms.

Real estate appraisers are now required to be independent

Another repercussion of the recession and the new regulations that followed is a change in how real estate appraisers work. Previously, appraisers would be hired directly by a mortgage broker, real estate agent, or somebody else with a vested interest in seeing the house appraised at a certain value. Maybe the mortgage broker or agent's commission was on the line, and those deal participants would sometimes have an opportunity to "nudge" the appraiser to come up with something favorable to them.

One of the new regulations states that appraisers must be independent and that no other participants in the real estate sale, from either side, should have any influence over the appraiser and the appraiser's decision. 

Crowdfunded down payments are a thing

Because mortgage loans are more difficult to secure, the down payment has become an increasingly important part of the mortgage process for buyers. But as prices have gone up on homes across the country, being able to save up 20% or more of a home's total purchase price has become difficult to downright impossible in many markets.

Crowdfunded down payments are one solution. This is a way for buyers to increase their down payment and investors to park some of their money in an appreciating asset, the house. In exchange for money toward the down payment, crowdfunding investors accept a portion of the equity in the home; when the seller gets ready to move on or wants to buy out the investor, the investor will receive their share of the home's value.

Agents get reviewed

The internet has caused one other big change in real estate during the past decade: There are reviews for everything online, from home inspectors to real estate agents. In the past, most buyers had to rely on referrals, Google, or even something called the Yellow Pages when they needed to talk to someone about their real estate needs, but you didn't always know what you were getting into.

Like everyone else on the internet who does business, agents get reviewed now, too. You can see firsthand how agents handle disgruntled clients and what their most loyal business associates have to say about them.

Consumers have more options when it comes to buying and selling

Not only can buyers find homes for sale online, but we've even reached a point in our internet evolution when, in certain cities, sellers can sell their house to a company like Opendoor and now even Zillow. Buyers in those cities can also buy homes from these internet-based companies. And both buyers and sellers have a lot more options when it comes to working with a real estate agent, including teams, agents who offer small commissions or flat fees, and many others.

Some of these new avenues work very well for the buyers and sellers who use them, but like for-sale-by-owner, it doesn't work for everybody. People have different needs and desires, and this is perhaps especially true when it comes to their homes; even if only because no piece of land is exactly like another, no house is exactly like any other house. There will always be people who don't have time to do it themselves, or who want to make sure they're getting the maximum possible return on their investment, or who want a high level of service and one-on-one connection with their agents. As the space becomes more competitive, the best agents will rise to the top, and a real estate agent should be able to explain exactly what you'll be losing if you go with an alternate option.

Buyers and sellers know more (and less) than they used to

Not only is the internet providing more details about individual homes than ever before, but there has also been a wave of home-improvement and home sales shows sweeping reality television, encompassing everything from luxury real estate sales to fix-and-flip investment. As a result, people are both more educated and more ignorant about real estate than they used to be.

Take those search portals, for example. They don't always carry the most up-to-date information in every market, which is most frequently updated on the MLS. The home data on those portals also isn't always accurate, and the value estimates and rental estimates can be way off, too.

And reality television, of course, is definitely not representative of reality itself. It's streamlined and edited for drama and narrative tension, so often both the good and bad of a deal can be wildly exaggerated.

If you haven't bought a house in the past ten years, then maybe you didn't realize how much things have changed. How will you know if the time is right to dive back into the housing market? Talk to a local real estate expert about your own situation and household before you start bidding on homes online -- it could save you time, money, and energy.

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